“Uncertainties surrounding COVID-19 were exacerbated and risks posed by the virus are inherently unpredictable. This has negatively impacted the global and domestic stock markets,” said Sài Gòn-Hà Nội Securities Co (SHS).

The S&P 500 Index sank 3 per cent on Monday, down more than 30 per cent from its February 19 peak.

According to Bảo Việt Securities Co, the VN-Index is currently receiving support from 600-650 points.

“The index may possibly retest this level several times, however, the downward momentum is showing signs of a halt,” the company said.

“Besides, several stock sectors have been oversold for a relatively long while, therefore, a short-term retracement is expected.”

“However, the index remains under the negative influence of unexpected movements of the COVID-19 pandemic, foreign investors’ net selling pressure and negative movements of the global markets,” it said.

Foreign investors net sold VNĐ661.72 billion on the HOSE, including Masan Group (MSN) (VNĐ113.61 billion), Hoà Phát (HPG) (VNĐ101.75 billion) and Vincom Retail (VRE) (VNĐ81.96 billion). They were net sellers on the HNX with a value of VNĐ44.43 billion.

On the Hà Nội Stock Exchange, the HNX-Index inched up 0.5 per cent to end Tuesday at 96.95 points.